Housing (Property Taxes)

This bill proposes a constitutional amendment that would require the North Carolina legislature to establish a statewide limit on how much local property tax levies can increase each year. The measure also mandates that any local government wanting to raise property taxes beyond this limit must first obtain approval from a majority of voters in that specific area. Because this change alters the state constitution, it will not take effect immediately but will instead be placed on the November 3, 2026, ballot for voters to decide whether to adopt. If approved by the public, the amendment would legally bind the General Assembly to create the specific tax increase caps mentioned in the text.

SB 212 restores local government authority to initiate down-zoning in Granville and Wake Counties without requiring written consent from affected property owners. Down-zoning refers to changes that reduce development density or limit permitted land uses (e.g., from commercial to residential). The bill specifically applies to properties within these two counties and their municipalities, reversing a prior requirement that down-zoning amendments needed owner consent. It takes effect immediately upon enactment but applies retroactively to December 11, 2024, to restore pre-existing zoning ordinances affected by a previous law. This policy change directly impacts property owners in Granville and Wake Counties by altering how local governments can modify zoning regulations.